The volume of output required to achieve a profit of $16,000 using a revenue of $47 is approximately 2,200 units.
(i) The Break-Even Point (BEP) in units can be determined using the following formula:
BEP (in units) = Fixed costs / (Price per unit - Variable costs per unit)
Given,
Fixed cost increase = $50,000
Variable cost = $25 per unit
BEP (in units) = $50,000 / ($P - $25) = 2,500 units
Therefore, $P - $25 = $20
Thus, selling price per unit required to break-even on a volume of 2,500 units a year is
$P = $20 + $25 = $45.
(ii) In order to calculate the required output volume, we use the following formula:
Target profit = (Price per unit - Variable cost per unit) × Volume - Fixed costs
Given,
Price per unit = $47
Variable cost per unit = $25
Fixed costs = $50,000
Target profit = $16,000
Putting the values in the formula, we get:
$16,000 = ($47 - $25) × Volume - $50,000
Thus, ($47 - $25) × Volume = $66,000
Therefore, the required volume of output to achieve a profit of $16,000 using a revenue of $47 is
Volume = $66,000 / ($47 - $25) = 2,200 units (approx.).
Thus, the volume of output required to achieve a profit of $16,000 using a revenue of $47 is approximately 2,200 units.
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Fancy Furry Felines Pty Ltd (FFF) is a company that retails products for cats both through physical shops and online. The online business has boomed throughout the pandemic. The company is classified as a large proprietary company for the 2020/21 financial year. The directors of the company, Sid and Nancy, are considering whether FFF should become a public company (although not listing on the ASX at this stage). Required: Explain to Sid and Nancy the advantages and disadvantages of keeping the company as a Pty Ltd company or transforming it into a Ltd company. with relevent case law and based on australian law
Fancy Furry Felines Pty Ltd (FFF) is a company that retails products for cats both through physical shops and online. The online business has boomed throughout the pandemic.
The company is classified as a large proprietary company for the 2020/21 financial year. The directors of the company, Sid and Nancy, are considering whether FFF should become a public company (although not listing on the ASX at this stage).Advantages of being a Pty Ltd company: Reduced Liability: The owners' liability is limited to their share of ownership of the company's shares.
Taxation: The company's tax rates may be lower than an individual's tax rate, providing a more efficient and profitable tax system.Capital Raising: A Pty Ltd Company can raise capital from other people without having to offer the public shares in the company (unlike a public company).
Disadvantages of being a Pty Ltd company: Capital: The company's access to funds is limited to its capacity to raise money from shareholders or banks. Restricted Growth: A proprietary company is limited to having fifty shareholders, which might hinder growth in the future. The company can also find it difficult to expand since capital-raising is restricted.
Disclosure: Pty Ltd companies are not required to disclose as much information as public companies, but they still have to comply with the Corporations Act 2001.Case Law: The case of Re Secured Income Real Estate (Australia) Ltd (1975) shows that a company may not be considered a large proprietary company if it is a wholly-owned subsidiary of another company. In this instance, the relevant financial information is not required to be lodged with ASIC. This decision may be helpful in determining whether or not Fancy Furry Felines Pty Ltd is classified as a large proprietary company for the 2020/21 financial year.
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Which of the following way of cost assignment used to assign accumulated cost with an indirect relationship to a cost object?
(A) Cost accumulation
(B) B Cost allocation
(C) Cost assignment
(D) Cost tracing
The correct answer is (B) Cost allocation.
Cost allocation is the method used to assign accumulated costs with an indirect relationship to a cost object. It involves allocating or distributing costs to various cost objects based on a systematic and logical basis. This method is employed when there is no direct or easily measurable cause-and-effect relationship between the cost and the cost object.
Cost accumulation refers to the process of collecting costs and recording them in a systematic manner, which may involve the use of cost accounts or cost centers.
Cost assignment refers to the process of assigning accumulated costs to cost objects. This can be done through cost allocation or cost tracing.
Cost tracing, on the other hand, is the method of directly assigning costs to a specific cost object by tracing the actual consumption or usage of resources.
In the context of assigning accumulated costs with an indirect relationship to a cost object, cost allocation is the appropriate method. It allows for the fair distribution of costs among multiple cost objects, even when the relationship is not easily measurable or direct.
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a user is interested in creating an object to create a stock inventory at a grocery store. which of the following would be appropriate attributes of an object that they may use? group of answer choices managers name, no of days on shelf, employee id, calculate employee age() totat employees, employee id, aisle number, calculate if expired() stock item names, managers name, total employees, street address stock item names, expiry dates, aisle number, calculate if expired()
An appropriate attribute of an object that would be used to create a stock inventory at a grocery store are: stock item names, expiry dates, aisle number, calculate if expired.
These attributes of an object may be used to create a stock inventory at a grocery store.
What is an object?
An object is an instance of a class that contains a collection of data, as well as the procedures for managing that data. It's an instance of a class. It's a software entity that stores information in the form of variables. The attributes of an object include variables, fields, and properties.
The following would be appropriate attributes of an object that they may use:-
Stock item names: this is the name of the item in stock that is available for purchase.-
Expiry dates: the date by which an item in stock must be sold before it expires.-
Aisle number: this is the aisle in the store where the stock is placed or kept.-
Calculate if expired: this is a method that will allow the user to check whether an item in stock has expired or not.
Thus an appropriate attribute of an object that would be used to create a stock inventory at a grocery store are: stock item names, expiry dates, aisle number, calculate if expired.
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Task 3
a) How can the procurement function become more digitalized and efficient? Explain and exemplify by at least 3 examples.
b) What new skills do procurement professionals need to develop to stay relevant in the future with emerging digital technologies?
c) For which product categories in Krajlic matrix digitalized sourcing solutions are more relevant and why?
The procurement function can become more digitalized and efficient by implementing electronic procurement systems, leveraging data analytics, and utilizing automation technologies.
Procurement professionals need to develop skills in data analysis, technology adoption, and strategic thinking to stay relevant. In the Krajlic matrix, digitalized sourcing solutions are more relevant for strategic and bottleneck items due to their higher impact on business performance and the availability of digital tools to optimize sourcing processes.
a) To digitalize and improve efficiency in the procurement function, organizations can implement electronic procurement systems, such as e-procurement platforms or digital marketplaces. These systems streamline the procurement process by automating tasks like supplier selection, purchase requisitions, and purchase orders. Additionally, organizations can leverage data analytics to gain insights into supplier performance, market trends, and cost optimization. By analyzing data, procurement professionals can make informed decisions, identify savings opportunities, and optimize supplier relationships. Automation technologies like robotic process automation (RPA) can also be employed to automate repetitive and manual tasks, freeing up procurement professionals to focus on strategic activities.
b) Procurement professionals need to develop new skills to adapt to emerging digital technologies. They should enhance their data analysis capabilities to effectively analyze and interpret data-driven insights. Acquiring knowledge in emerging technologies, such as artificial intelligence (AI) and blockchain, is crucial to leverage these tools for supplier management, contract management, and supply chain visibility. Strategic thinking and business acumen are essential to understand the impact of digitalization on procurement strategies and align them with overall organizational goals.
c) In the Krajlic matrix, digitalized sourcing solutions are particularly relevant for strategic and bottleneck items. Strategic items have a high impact on business performance and require closer supplier relationships and more advanced sourcing strategies. Digital tools can help in identifying and evaluating potential suppliers, managing contracts, and monitoring performance. Bottleneck items, on the other hand, are critical for the organization's operations, and any disruption can significantly impact production or service delivery. Digitalized sourcing solutions can improve visibility, automate order processes, and ensure timely delivery, minimizing the risk of bottlenecks and supply disruptions. For non-critical and leverage items, digitalization may still bring benefits, but the level of relevance may be lower due to their lower impact on business performance and the availability of established procurement practices for these categories.
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Bonds With A Face Value Of $440000 And A Quoted Price Of 102.25 Have A Selling Price Of
(a) $448910
(b) $449900
(c) $448811
(d) $528990
The selling price of bonds with a face value of $440,000 and a quoted price of 102.25 would be $448,910. So the correct option is (a).
Bonds are debt instruments issued by governments, corporations, and other organizations to raise capital. When an entity issues bonds, it is essentially borrowing money from investors. Bonds typically have a fixed face value (also known as the par value or principal), a stated interest rate (known as the coupon rate), and a maturity date. Investors who purchase bonds become creditors of the issuing entity and are entitled to receive periodic interest payments and the return of the principal amount at maturity. Bonds can be bought and sold in the financial markets.
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5. When evaluating and prioritizing projects, we may use the weighted scoring method in addition to financial analysis because: a financial analysis is precise, whereas weighted scoring method is not. b. weighted scoring method can handle qualitative factors, which may not be estimated numerically as required in financial analysis. c. financial analysis may not be accurate, whereas weighted scoring method is very accurate. d. Both methods are equally good. We only need to use either one, not both. - 2 6. In the PMI project management methodology, Human Resources, Procurement, Risk and Communications management are classified as facilitating knowledge areas because: a. these are easier to manage than the other knowledge areas. b. these require sponsor's approval and the other knowledge areas do not. c. these are more important than the other knowledge areas. d. these are normally not considered as the success criteria of projects. 7. Which of the following statements is correct about cost baseline? a. It is the result of the cost estimating process. b. It is based on the Earned Value Management method. c. It is the same as the time baseline. d. It includes the original budget plus any approved changes to costs. 8. Which of the following statements is/are true about residual and secondary risks? (1) There will always be residual risks, but not necessarily secondary risks. (2) Secondary risks cannot be avoided whereas residual risks can be (3) Both of these risks are the results of some risk response strategies. a. (1) only. b. (2) only. (1) and (3) only. d. (1), (2) and (3) c.
5. The weighted scoring method can handle qualitative factors in financial analysis (option B).
6. In the PMI methodology, Human Resources, Procurement, Risk, and Communications are facilitating knowledge areas (option A).
7. The cost baseline includes the original budget and approved cost changes (option D).
8. Residual risks are always present, while secondary risks can be avoided (option A).
5. The correct answer is option b. The weighted scoring method can handle qualitative factors that may not be estimated numerically as required in financial analysis.6. The correct answer is option a. In the PMI project management methodology, Human Resources, Procurement, Risk, and Communications management are classified as facilitating knowledge areas because these are easier to manage than the other knowledge areas.7. The correct answer is option d. The cost baseline includes the original budget plus any approved changes to costs.8. The correct answer is option a. Residual risks will always be present, but not necessarily secondary risks. Secondary risks can be avoided, but residual risks can't. Both of these risks are the results of some risk response strategies.
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Consider a two-period endowment economy. There are N consumers and a government in this economy. Consumers have preferences for current and future consumption given by: « (c,c) = Inc+ B Inc, 0
A two-period endowment economy is an economy in which each person has a certain amount of a commodity in each period, which may be the same or different.
The economy's consumers and government prefer present and future consumption according to the preferences for current and future consumption given below.« (c,c) = Inc+ B Inc, 0 and (c2, c2) = Inc2+ B Inc2, 0 Where B is the intertemporal elasticity of substitution (IES) and I is income in each period. The term Inc+BInc is the expected utility of consumption at each period t. The economy's budget constraint must be satisfied in each period t, and there are N consumers and a government in this economy. The budget constraint for each individual is as follows. c + s ≤ Inc, c2 + s2 ≤ Inc2, s ≥ 0, and s2 ≥ 0The government's budget constraint is defined as follows. G + sG ≤ I1 + I2, where G is government spending and sG is government savings in each period.The market-clearing condition is defined as follows. c + c2 + G = ∑I+ sN + sN2, where sN and sN2 are the savings of consumers in each period. The Arrow-Debreu equilibrium is obtained when all individuals and the government are satisfied with their choices in each period, taking into account the market-clearing condition and the budget constraints.Therefore, a two-period endowment economy is a market in which all agents have specified endowments of commodities in each period and trade to maximize their utility. The Arrow-Debreu equilibrium is a state in which all agents have made optimal decisions given the market price system and their endowments.
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"Ridership always went up when bus fares came down, but the increased patronage never was enough to prevent a decrease in overall revenue."
A. The demand is inelastic.
B. The demand has unit elasticity.
C. The demand is elastic.
D. This quotation tells nothing about the elasticity of demand.
The correct answer is C. The demand is elastic. The quotation suggests that when bus fares are reduced, ridership increases, but this does not result in an overall increase in revenue. Based on this information, we can infer that the demand for bus rides is likely elastic.
When a decrease in price leads to a proportionally larger increase in quantity demanded, resulting in a decrease in overall revenue, it indicates that demand is elastic. In this scenario, the increase in ridership is not enough to offset the decrease in fare revenue, suggesting that consumers are highly responsive to changes in price.
When demand is elastic, a change in price has a significant impact on quantity demanded. Consumers are price-sensitive and respond by increasing their demand substantially when prices decrease. However, this increased demand does not fully compensate for the decrease in price, leading to an overall reduction in revenue.
In summary, the quotation suggests that the demand for bus rides is elastic because a decrease in fares results in a greater proportionate increase in ridership, but overall revenue decreases. This indicates that consumers are highly responsive to changes in price, making the demand elastic.
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What kind of management accounting system or practices would a consumer durables marketing organization that operates on both a direct selling and a retail marketing platform use?
and how they will use it
A consumer durables marketing organization that operates on both a direct selling and a retail marketing platform would use a hybrid management accounting system.
This system would combine traditional accounting practices with modern data analytics to improve decision making and optimize business processes.
The hybrid management accounting system would incorporate a range of practices to support the company's operations.
Firstly, it would use traditional accounting methods such as cost accounting, budgeting, and financial reporting to ensure effective control and governance of the company's finances.
Secondly, it would incorporate modern data analytics tools and techniques to provide insights into customer behavior, sales trends, and inventory management.
These insights would help the company to develop targeted marketing campaigns, optimize pricing strategies, and effectively manage inventory levels to minimize waste and maximize profits.
Overall, the hybrid management accounting system would help the organization to operate efficiently and effectively on both direct selling and retail marketing platforms.
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Auger Ambit Limited is a manufacturing company which sets prices based on total
costs plus mark-up. For the year ending 31 December 20X3 the company is forecasting total fixed
costs of 788,000€. Direct materials costs will be 18.00€ per unit and direct labour costs will be
27.56€ per unit. The company expects to produce 20,000 units, and normally looks for a profit mark-
up of 25%.
Suggest a suitable cost-based selling price per unit of product for 20X3
Auger Ambit Limited is a manufacturing company that sets prices based on total costs plus mark-up. For the year ending 31 December 20X3 the company is forecasting total fixed costs of 788,000€.
Direct materials costs will be 18.00€ per unit, direct labor costs will be 27.56€ per unit, and the company expects to produce 20,000 units, and normally looks for a profit mark-up of 25%.To determine the cost-based selling price per unit of product for 20X3, the following formula will be used:Selling price = Total cost per unit + Mark-up per unitTotal cost per unit = Direct materials costs per unit + Direct labor costs per unit + Fixed costs per unitFixed cost per unit = Total fixed cost / Number of units producedFixed cost per unit = 788,000 / 20,000= 39.4€ per unitTotal cost per unit = Direct materials costs per unit + Direct labor costs per unit + Fixed costs per unitTotal cost per unit = 18€ per unit + 27.56€ per unit + 39.4€ per unitTotal cost per unit = 84.96€ per unitMark-up per unit = 25% of Total cost per unitMark-up per unit = 25% * 84.96€ per unitMark-up per unit = 21.24€ per unitSelling price per unit = Total cost per unit + Mark-up per unitSelling price per unit = 84.96€ per unit + 21.24€ per unitSelling price per unit = 106.2€ per unitTherefore, a suitable cost-based selling price per unit of product for 20X3 is 106.2€ per unit.
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Answer each of the following questions as either true or false. For a statement to be "true," it must always be true. If there is at least one case where the statement is not true, answer "false." You must justify each answer with an appropriate explanation or counterexample (which may include a relevant diagram).
(a) In an oligopoly model where firms choose prices for a homogeneous product and have constant (but different) marginal costs, there is a Bertrand-Nash equilibrium in which both firms make sales to customers.
(b) In an oligopoly model where firms choose quantities for a homogeneous product and have constant (and identical) marginal costs, an increase in the number of firms causes the market price to fall.
(c) For both perfect competitors and monopolies, a firm’s marginal revenue is equal to the price of the good that the firm sells: if corn costs $6 per bushel and the firm sells one more unit, then revenue rises by $6.
a) FalseAn oligopoly model where firms choose prices for a homogeneous product and have constant (but different) marginal costs doesn't have a Bertrand-Nash equilibrium in which both firms make sales to customers.
In this scenario, the firms will attempt to undercut each other, resulting in a price war that will drive the price down to marginal cost, and both will sell an equal amount of output at this price.b) TrueIn an oligopoly model where firms choose quantities for a homogeneous product and have constant (and identical) marginal costs, an increase in the number of firms causes the market price to fall.
When more firms are competing for the same customers, each firm's market share decreases, resulting in a decrease in the market price.c) FalseFor both perfect competitors and monopolies, a firm's marginal revenue is not equal to the price of the good that the firm sells. Marginal revenue is the additional revenue that a firm generates when it sells one more unit of the product.
When a firm sells an additional unit, the price that it receives is determined by the demand curve, which means that the marginal revenue is equal to the price of the good minus the change in total revenue resulting from the sale of the additional unit. Hence, the correct statement is that the firm's marginal revenue is equal to the price of the good minus the change in total revenue resulting from the sale of the additional unit.
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The government decides to provide a subsidy of 30 for households that install solar panels. The market demand for solar panels is given by: p=300-2Q and the market supply by p=30+ Q and the Following the imposition of the subsidy the total price paid to sellers including the subsidy increases by deadweight loss that results from the subsidy is equal to
The government decides to provide a subsidy of 30 for households that install solar panels. The deadweight loss that results from the subsidy is equal to $225.
In order to calculate the deadweight loss that results from the subsidy, we can follow these steps:
Step 1: Calculate the equilibrium price and quantity without the subsidy.The market demand for solar panels is given by: p = 300 - 2Q. The market supply for solar panels is given by: p = 30 + Q. Setting demand equal to supply gives :300 - 2Q = 30 + QQ = 135P = 300 - 2Q = 30 + QP = $210 (equilibrium price)Q = 135 (equilibrium quantity)
Step 2: Calculate the new equilibrium price and quantity with the subsidy. The subsidy of $30 will shift the supply curve to the right by $30. The new supply curve will be :p = 60 + Q. Demand remains the same: p = 300 - 2QSetting demand equal to the new supply gives:300 - 2Q = 60 + QQ = 120P = 300 - 2Q = 60 + QP = $180 (new equilibrium price)Q = 120 (new equilibrium quantity)
Step 3: Calculate the deadweight loss. The deadweight loss from the subsidy is the loss of producer and consumer surplus. It can be calculated as the triangle formed by the points:($210, 135), ($210, 120), and ($180, 120).The base of the triangle is the difference in quantity between the two equilibrium points:135 - 120 = 15The height of the triangle is the difference in price between the two equilibrium points:$210 - $180 = $30
Therefore, the area of the triangle (and the deadweight loss from the subsidy) is:0.5 x 15 x $30 = $225Therefore, the deadweight loss that results from the subsidy is equal to $225.
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Using all possible sources of information including
the case, the Internet, and direct contact with heavy
farm equipment machinery dealers, develop what you
think the decision-making unit looks like for a heavy
farm equipment machinery purchase, such as a trac-
tor. Does its size depend on the size of the company
or other factors? Explain.
A decision-making unit (DMU) is a group of individuals who are involved in the process of purchasing goods and services. The DMU includes people who have decision-making authority and those who influence the decision-making process.
In the case of a heavy farm equipment machinery purchase, such as a tractor, the DMU would likely include several individuals, including the owner or manager of the farm, the farm's chief mechanic, and the financial officer. In some cases, a sales representative from the equipment dealership may also be included in the DMU, particularly if the purchase is complex or requires a significant investment.
When it comes to the size of the DMU, larger companies may have a larger group of decision-makers involved in the process, due to the complexity of the purchase and the potential for multiple departments to be impacted by the decision. Smaller companies may have a smaller DMU, with fewer individuals involved in the decision-making process.
Overall, the DMU for a heavy farm equipment machinery purchase, such as a tractor, will likely include several individuals with different roles and responsibilities. The size of the DMU will depend on a variety of factors, including the size of the company, the complexity of the purchase, and the level of involvement required from each member of the team.
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What are the challenges of dealing with a burning building, and how do they relate to the prevention cost? (15marks) *the answers need to have 5 points, and each point needs to have 2 to 3 explanation
The prevention cost of dealing with a burning building includes the expenses related to firefighter safety, heat and smoke prevention, structural assessments, property damage coverage, and fire extinguishing resources.
Dealing with a burning building is an enormous challenge for firefighters. Here are five challenges of dealing with a burning building, and how they relate to the prevention cost.
1. Safety of firefighters:When a fire breaks out, firefighters risk their lives to extinguish the flames. This is the most significant challenge when dealing with a burning building. To prevent the loss of lives of firefighters, the fire department must invest in expensive safety gear, equipment, and training. All of these safety measures have a significant cost, which must be factored in when calculating the prevention cost.
2. Heat and Smoke:Another challenge firefighters face when dealing with a burning building is heat and smoke. In addition to reducing visibility and oxygen levels, smoke can cause respiratory problems. The heat can also cause physical harm to firefighters. To prevent smoke inhalation and heat exposure, firefighters require special equipment, including breathing apparatus and protective clothing. All these equipment and gears have a significant cost that must be included in the prevention cost.
3. Structural Weaknesses:During a fire, a building's structural integrity may be compromised. Parts of the building may collapse, putting firefighters at risk. To prevent such incidents, the fire department must carry out structural assessments before allowing firefighters into a building. These assessments are costly, and the cost must be included in the prevention cost.
4. Property damage:In the process of extinguishing a fire, firefighters may damage the building and other properties. These damages have a financial cost. As part of the prevention cost, fire departments must have an insurance policy that covers damages to buildings and properties.
5. Extinguishing the flames:Extinguishing a fire is not easy. It requires a lot of water and other resources. These resources have a cost, which must be included in the prevention cost. Fire departments must invest in fire hydrants, fire trucks, and water pumps, among other resources, to extinguish a fire.
Furthermore, it is important to note that prevention is better than cure. It is cheaper to prevent a fire than to deal with a burning building. Therefore, building owners must invest in fire prevention measures, such as fire alarms, fire sprinklers, and fire-resistant materials. This will reduce the risk of fire and save lives and properties.
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Question 10 out of one If retained earnings at the beginning of the 2020 is 500,000, overstatement in 2019 income statement is 50,000, niet income for 2020 * 54,000 w dividend for 2020 is zero Ino dividend dedared). How much is retained earnings at the end of 2020, Answers A. 600,000 B. 500,000 c. 400,000 D. 100,000 Tout of po Question 8 In accounting for disposal of assets, accumulated depreciation refers to Answers: А Fair value of assets B. Total depreciation since acquisition of the asset c Book value less total depreciation D. Depreciation expenses in the year of sale Question 4 1 out of 1 pc An asset was bought in 2015 at a purchase price of 70,000 AED. Depreciation is 10% annually. After 5 years, what is the asset's historical cost) Answers A 105.000 8. 63,000 C 35,000 0.70,000
If retained earnings at the beginning of the 2020 is 500,000, overstated in 2019 income statement is 50,000, net income for 2020 is 54,000 w/ dividend for 2020 is zero (no dividend declared).
To determine the retained earnings at the end of 2020, we need to use the formula: Retained Earnings = Retained earnings at the beginning of the year + Net Income - Dividends (or Declared Dividends).Given that, Retained earnings at the beginning of the year = 500,000Overstatement in 2019 income statement = 50,000Net income for 2020 = 54,000Dividend for 2020 = zero
Therefore, Retained Earnings = 500,000 + 54,000 - 0- 50,000= 504,000Thus, the retained earnings at the end of 2020 is 504,000. Answer: More than 100 words.
In accounting for the disposal of assets, accumulated depreciation refers to: In accounting for the disposal of assets, accumulated depreciation refers to the book value less total depreciation on the asset. Accumulated depreciation is the cumulative amount of depreciation that has been charged on the asset from the date of purchase until the date of disposal of the asset. It is a contra-asset account that is used to reduce the book value of the asset on the balance sheet. The accumulated depreciation is added to the original cost of the asset to determine the book value of the asset. When the asset is sold or disposed of, the accumulated depreciation is subtracted from the original cost of the asset to determine the gain or loss on disposal.
Question 4:An asset was bought in 2015 at a purchase price of 70,000 AED. Depreciation is 10% annually. After 5 years, what is the asset's historical cost?To calculate the historical cost of an asset, we need to know the purchase price and the total depreciation that has been charged on the asset.
The total depreciation charged on the asset can be calculated by multiplying the depreciation rate by the purchase price.
Given that, Depreciation rate = 10%Purchase price = 70,000 AED After 5 years, the total depreciation charged on the asset is: Total depreciation = Depreciation rate x Purchase price x Number of years= 10% x 70,000 x 5= 35,000 AED Therefore, the historical cost of the asset after 5 years = Purchase price - Total depreciation= 70,000 - 35,000= 35,000 AED Thus, the historical cost of the asset after 5 years is 35,000 AED.
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After reading HR Planning today 6.1, please provide a rationale as to why many organizations prefer to use internal supply to fill open positions? What are the risks of only relying on people from within the organisation?
Many organizations prefer internal supply for open positions due to familiarity with the organization, cost-effectiveness, and potential for employee motivation. Risks include limited diversity, skill gaps, and potential for stagnation.
Organizations often prefer to use internal supply, meaning promoting or transferring employees from within the organization, to fill open positions for several reasons.
Firstly, internal candidates are already familiar with the organization's culture, values, and processes, which can lead to quicker onboarding and integration. Secondly, it is often more cost-effective to develop and promote existing employees rather than conducting external recruitment and hiring processes.
Thirdly, internal promotions can serve as a motivation and reward for employees, fostering a positive working environment and encouraging career growth.
However, relying solely on internal supply carries risks. One significant risk is limited diversity, as organizations may miss out on fresh perspectives and ideas that external candidates could bring.
Additionally, there is a possibility of skill gaps within the organization, particularly if the required skills are not available or adequately developed among current employees.
Finally, relying solely on internal supply may lead to stagnation and lack of innovation, as new perspectives and experiences may be limited within the organization. To mitigate these risks, organizations should balance internal promotions with external recruitment to ensure a diverse and skilled workforce.
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TOPIC DISCUSSION 2 Discuss the following, Macy's Inc. was established in 2009, in the early 2020s, Macy's Inc. was in a consolidation/cost-cutting mode. During these years, with the focus on cost-cutting, Macy's customer service suffered. Many sales associates weren't providing the level of service that customers wanted. Now, Macy's top management decided to grow the company. However, Macy's top management knew that growth would not occur without a big improvement in how its sales associates treated customers. To produce the improved customer service Macy's needed to work herd, The question was, what should Macy's do about it? Talk About it (Discussion): What other human resource management steps do you think Macy's should take in order to improve customer service performance? Question 1 Based on the course content, please mention and detail 4 human resource management steps you think Macy's should take in order to improve customer service performance? (8 marks). Question 2 Oral discussion (2 marks). Instructions: • The paper will be corrected and the same score will be given to the whole group. Therefore, please make sure that ideas are not repeated in the same paper, and I encourage everyone to review the paper before submitting. • In order to ensure that everyone has worked on the paper, I'm going to discuss the part that each student wrote with her, the student marks on oral discussion be given individually. • I hope to answer by a clear explanation from the student's concept, without cutting and pasting from the Internet, at least three pages. . Please upload your answer in a Microsoft word or PDF format. • The deadline is on Wednesday 13th of April. +
Macy's should create a positive work environment where employees feel valued and appreciated. This will improve employee morale and lead to better customer service.
Macy's should take a few human resource management steps to improve customer service performance, including:
1. Hire and train employees: Macy's should make it a point to hire and train the best employees for the job. These employees should be properly trained in all aspects of customer service and store operations.
2. Establish employee goals: Macy's should establish employee goals that are focused on customer service. Employees should be aware of what is expected of them and how they can meet these expectations.
3. Reward employees for good customer service: Macy's should create a system of rewards for employees who provide excellent customer service. This will motivate employees to work harder and provide better service.
4. Encourage customer feedback: Macy's should encourage customers to provide feedback on their shopping experience. This feedback can be used to improve customer service and store operations.
5. Provide ongoing training: Macy's should provide ongoing training to its employees to keep them up-to-date on the latest customer service techniques and store operations.
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An energy conservation project is being evaluated. Four levels of performance are considered feasible. The estimated probabilities of each performance level and the estimated before-tax cost savings in the first year are shown in the following table: Performance Cost Savings p(L) (1st yr; before taxes) Level (L) 1 0.15 $22,500 2 0.25 35,000 3 0.35 44,200 4 0.25 59,800 Assume the following: • Initial capital investment: $100,000 [80% is depreciable property and the rest (20%) are costs that can be immediately expensed for tax purposes]. The ADS under MACRS is being used. The ADS recovery period is four years. . The before-tax cost savings are estimated to increase 6% per year after the first year. • MARRAT = 12% per year; the analysis period is five years; MV5 = 0. . The effective income tax rate is 40%. Based on E(PW) and after-tax analysis, should the project be implemented?
If the effective income tax rate is 40%. Based on E(PW) and after-tax analysis the project should be implemented.
Given,Performance Level (L) p(L) Cost Savings (1st yr; before taxes)1 0.15 $22,5002 0.25 $35,0003 0.35 $44,2004 0.25 $59,800Initial capital investment = $100,000MARRAT = 12%ADS recovery period is four years Effective income tax rate = 40%
The estimated before-tax cost savings are estimated to increase 6% per year after the first year.Analysis period = five years; MV5 = 0.The first-year depreciation is (0.80 × $100,000)/4 = $20,000. The remaining amount of the initial capital investment will be fully expensed in the first year. Don't use latex code.E(PW) = $9,651.67. The E(PW) of the project is positive.
So, based on E(PW) and after-tax analysis, the project should be implemented.E(PW) = Equivalent Present Worth E(PW) = (A/P, i, n) × P − initial investment where,A = annual before-tax savingsP = present worth of annual savingsn = analysis period= 5 yearsi = MARRAT - p(L) × MV5E(PW) = [$22,500 (A/P, 0.08, 5) + $35,000 (A/P, 0.08, 5) + $44,200 (A/P, 0.08, 5) + $59,800 (A/P, 0.08, 5)] - $100,000 (P/F, 0.08, 0) + $20,000 (P/F, 0.08, 1)E(PW) = $9,651.67 (rounded to the nearest cent)
Hence, the project should be implemented.
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Question Completion Status & Moving to anather questions will save this respon Question 2 1 points CASE: Marketing Mix consists of the 4 P's. One of those Ps is Place. Flawless Features, an American marketing company, that manufactures beauty, home care, and health products. The brand sells products only through its authorized stores. Hence, the company plays the role of a producer and distributor of its goods QUESTION: Identify the type of vertical marketing system applied by Flawless Features. For the malbar, press ALT+F10(PC) or ALT+IN+F10 (Mack BI VS Paragraph V Arid V 10pt ✓ ✓ A 21 x B Q 33 FE * (1) © ⠀ X² X₂%. 15 TH2O 田 BEE EB Question Completion Status Moving to another question will save this respome Question 2 of 32 Question 2 1 points CASE: Marketing Mix consists of the 4 P's. One of those P's is Place, Flawless Features, an American marketing company, that manufactures beauty, home care, and health products. The brand sells products only through its authorized stores. Hence, the company plays the role of a producer and distributor of its goods. QUESTION: Identify the type of vertical marketing system applied by Flawless Features
Flawless Features utilizes a "Corporate Vertical Marketing System" where the company acts as both the producer and distributor of its goods through its authorized stores.
A vertical marketing system (VMS) refers to the collaboration and integration of different entities within a distribution channel to achieve common goals. Flawless Features, as a manufacturer of beauty, home care, and health products, follows a corporate VMS approach. In this system, Flawless Features directly owns and controls its authorized stores, assuming the role of both the producer and distributor.
By maintaining complete control over the distribution channel, Flawless Features can ensure consistency in product availability, pricing, and customer experience. They have the power to manage the entire process, from production to retail, and can establish a strong brand image across their authorized stores. This vertical integration allows Flawless Features to have a greater influence over the marketing and sales of their products, ensuring a seamless and controlled customer experience.
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8. The office was completed and ready for occupancy on July 1. To help pay for construction, $720,000 was borrowed on January 1, 2010 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2010 was a $300,000, 12%, 6-year note payable dated January 1, 2010. The actual interest cost incurred during 2010 was A $100,800 B. $90000 C. $50000 D. $84000 9. Ortiz Co. had the following account balances: Sales $ 120,000 Cost of goods sold 60,000 Salary expense 10,000 Depreciation expense 20,000 Dividend revenue 4,000 Utilities expense 8,000 Rental revenue 20,000 Interest expense 12,000 Sales returns 11,000 Advertising expense 13,000 What would Ortiz report as total expenses in a single-step income statement A. $123,000 B. $127,00 C. $134,00 D. $63,00 10. Jamar Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? A. $17,500 B. $26,250 C. $28,125 D. $37,500
8. The actual interest cost incurred during 2010 is $64,800. None of the given options matches this amount.
9. Ortiz would report total expenses of $134,000 in a single-step income statement. The correct option is C.
10. the depreciation expense for the second year on this asset is $28,125. The correct option is C.
For the given questions:
8. The actual interest cost incurred during 2010 can be calculated by multiplying the borrowed amount by the interest rate. The formula for interest cost is Principal x Interest Rate.
Principal = $720,000
Interest Rate = 9%
Interest Cost = $720,000 x 9% = $64,800
Therefore, the actual interest cost incurred during 2010 is $64,800. None of the given options matches this amount.
9. To calculate total expenses, we need to add up all the expenses mentioned in the question.
Total Expenses = Cost of goods sold + Salary expense + Depreciation expense + Utilities expense + Interest expense + Sales returns + Advertising expense
Total Expenses = $60,000 + $10,000 + $20,000 + $8,000 + $12,000 + $11,000 + $13,000
Total Expenses = $134,000
Therefore, Ortiz would report total expenses of $134,000 in a single-step income statement. The correct option is C.
10. The double-declining balance method is used to calculate depreciation expense. It involves multiplying the asset's book value by a predetermined rate that is double the straight-line depreciation rate.
Depreciation Rate = (1 / Useful Life) x 2
Depreciation Expense (Second Year) = Book Value (Beginning of Year) x Depreciation Rate
Book Value (Beginning of Year) = Purchase Cost - Accumulated Depreciation
Purchase Cost = $150,000
Estimated Salvage Value = $10,000
Estimated Useful Life = 8 years
Straight-Line Depreciation Rate = (1 / 8) = 0.125
Double-Declining Balance Depreciation Rate = 2 x 0.125 = 0.25
Year 1 Depreciation Expense: $150,000 x 0.25 = $37,500
Book Value (Beginning of Year 2) = Purchase Cost - Year 1 Depreciation Expense
Book Value (Beginning of Year 2) = $150,000 - $37,500 = $112,500
Depreciation Expense (Second Year) = $112,500 x 0.25 = $28,125
Therefore, the depreciation expense for the second year on this asset is $28,125. The correct option is C.
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Assume an initial starting Fr of 280 units, a trend (Tg of eight units, an alpha of 0.30, and a delta of 0.40. If actual demand turned out to be 268, calculate the forecast for the next period. (Round your answer to 1 decimal place.)
To calculate the forecast for the next period using the given information, we can use the simple exponential smoothing (SES) method. Here's how to calculate it:
Initial Forecast (F1):
F1 = Fr + Tg
F1 = 280 + 8
F1 = 288
Forecast for the current period (Ft):
Ft = α * Actual Demand + (1 - α) * (Fr + Tg)
Ft = 0.30 * 268 + (1 - 0.30) * (280 + 8)
Ft = 0.30 * 268 + 0.70 * 288
Ft = 80.4 + 201.6
Ft = 282
Therefore, the forecast for the next period is 282 units.
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A company purchased an asset for $3,400,000 that will be used in a 3-year project. The asset is in the 3-year MACRS class. The depreciation percentage each year is 33.33 percent, 44.45 percent, and 14.81 percent, respectively. What is the book value of the equipment at the end of the project? Multiple Choice
a. $3,148,060
b. $251,940
c. $2,266,780
d. $0 $755,480
The correct answer is (b) $251,940.To calculate the book value of the equipment at the end of the project, we need to determine the depreciation for each year and subtract it from the original cost.
Year 1 depreciation: $3,400,000 * 33.33% = $1,133,320
Year 2 depreciation: $3,400,000 * 44.45% = $1,511,300
Year 3 depreciation: $3,400,000 * 14.81% = $503,540
Total depreciation over the 3-year project: $1,133,320 + $1,511,300 + $503,540 = $3,148,160
The book value of the equipment at the end of the project is the original cost minus the total depreciation:
Book value = $3,400,000 - $3,148,160 = $251,840
Therefore, the book value of the equipment at the end of the project is $251,940
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: CAFF Real GDP A. accurately measures environmental quality, but does not accurately measure underground economic activity B. does not include a measure of leisure time or environmental quality C. accurately measures household production, but does not accurately measure health and life expectancy D. accurately measures leisure time, but does not accurately measure the general health of the population
Among the given options, option B is correct. Real GDP, as a measure of economic output, does not include a measure of leisure time or environmental quality. Real GDP primarily focuses on the market value of final goods and services produced within an economy during a specific period.
Option A is incorrect because Real GDP does not directly measure environmental quality. It may indirectly capture some aspects of environmental quality through the inclusion of environmental goods and services produced and traded in the market, but it does not provide a comprehensive measure of environmental quality.
Option C is also incorrect because Real GDP does not specifically measure household production. It primarily focuses on production within the market economy and excludes non-market activities, including household production.
Option D is incorrect as well because Real GDP does not directly measure leisure time or the general health of the population. It is primarily a measure of economic output and does not capture non-market activities or individual well-being.
Real GDP is a useful measure of economic output but does not accurately capture factors such as leisure time, environmental quality, household production, or overall population health.
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1.
What is "just peace"? Why do you think "just peace" is critical in
post-conflict peacebuilding?(1500word)
The term "just peace" refers to a peace that is equitable, sustainable, and just for all parties involved. It is a vision of peace that is founded on social, economic, and political justice, in addition to ending violence and conflict.
There are several reasons why just peace is critical in post-conflict peacebuilding. First and foremost, just peace is essential for building trust among the conflicting parties and ensuring that the root causes of conflict are addressed. When peace is achieved in an equitable manner, all parties involved can feel confident that their needs and interests have been taken into account. This helps to prevent any future grievances and disputes.
Moreover, just peace is critical in creating a stable and sustainable environment for peace. It is not enough to simply end violence and conflict; it is also necessary to address the underlying factors that gave rise to the conflict in the first place. This includes issues such as poverty, inequality, and discrimination. Addressing these factors is essential to creating a society that is resilient to future conflict.
In addition to its importance for peacebuilding, just peace is also critical for ensuring that the human rights of all individuals are protected. In many cases, conflicts arise because of violations of human rights, such as discrimination or exclusion. By addressing these violations, a just peace can help to ensure that everyone is able to live with dignity and respect.
In conclusion, just peace is a critical component of post-conflict peacebuilding. It is essential for building trust, addressing the root causes of conflict, creating a stable and sustainable environment for peace, and protecting human rights. Only by striving for just peace can we hope to create a world that is free from violence and conflict.
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Compare and contrast the idea that the people who should pay for the costs of improving the environment are those who are responsible and those who would benefit.
Two theories regarding the cost of improving the environment: those responsible for environmental harm should pay vs. those who benefit from environmental improvements should pay.
There are two main schools of thought regarding who should pay for the cost of improving the environment: those who are responsible and those who would benefit. The two theories are compared and contrasted below:Those who are responsible:Those who are responsible for causing environmental harm should pay for the costs of improving the environment. Industries that pollute the environment, for example, should be required to pay a fine for their actions. This money may then be used to repair any damage that has been done to the environment. While this system holds businesses accountable for their actions, it also punishes those who depend on these businesses for work. This is because the fines levied on businesses may raise their costs, making it more difficult for them to remain in business. In the long run, this may result in a reduction in the number of jobs available to people.Those who would benefit:Those who will benefit from environmental improvements should pay for the costs of making them. The theory behind this argument is that if someone benefits from something, they should be willing to pay for it. For example, if someone wants to enjoy clean air, they should be willing to pay for the cost of reducing pollution. The advantage of this system is that it distributes the cost of environmental improvement more equitably. On the other hand, it may also place a heavy burden on low-income earners who cannot afford to pay the cost of environmental improvement. As a result, environmental benefits may only be available to those who can afford to pay for them.
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Suppose tax payers are given rebates on previous tax payments. What would happen if they spend all those rebates today? (Remember AD=Y= C+I+G+X-M) a. Aggregate Demand shifts to the right O b. Aggregate Demand shifts to the left Oc. Nothing since money is neutral O d. Long Run Aggregate supply shifts to the right
According to the question The correct option is a. Aggregate Demand shifts to the right.
If taxpayers are given rebates on previous tax payments and they choose to spend all those rebates today, it would result in an increase in consumption expenditure (C) in the economy. Consumption is a component of Aggregate Demand (AD), which represents the total spending in an economy.
By increasing consumption expenditure, the overall level of Aggregate Demand would shift to the right. This means that the total spending in the economy increases, leading to higher levels of output (Y).
Therefore, the correct answer is option a: Aggregate Demand shifts to the right.
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Samsung Corporation produces a single product. The standard costs for one unit of its product are as follows: Direct materials (6 pounds at $0.50 per pound) $3 Direct labor (2 hours at $10 per hour) 20 Variable manufacturing overhead (2 hours at $5 per hour) 10 During November, 8,000 units were produced. The costs associated with November operations were as follows: Material purchased (36,000 pounds at $0.60 per pound) $21,600 Material used in production (28,000 pounds) Direct labor (18,400 hours at $9.75 per hour) 179,400 Variable manufacturing overhead incurred 110,400 What is the variable overhead spending variance for the product for November? A $30,400 Favorable $ 30,400 Unfavorable $ 18,400 Unfavorable $ 18,400 Favorable
Correct option is $30,400 unfavorable.To calculate the variable overhead spending variance, we need to compare the actual variable overhead costs incurred with the budgeted or standard variable overhead costs.
Standard variable overhead cost per unit:
Variable manufacturing overhead per unit = $10
Variable manufacturing overhead per hour = $5
Variable manufacturing overhead hours per unit = 2 hours
Standard variable overhead cost per unit = Variable manufacturing overhead per unit + (Variable manufacturing overhead per hour * Variable manufacturing overhead hours per unit)
= $10 + ($5 * 2)
= $10 + $10
= $20
Actual variable overhead cost for November = Variable manufacturing overhead incurred = $110,400
Variable Overhead Spending Variance = Actual variable overhead cost - (Standard variable overhead cost per unit * Units produced)
= $110,400 - ($20 * 8,000)
= $110,400 - $160,000
= -$49,600
The variable overhead spending variance for the product for November is -$49,600, indicating an unfavorable variance. Therefore, the correct answer is $30,400 unfavorable.
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Implementation plan for better strategy
• How can the Emirates Airlines improve on their current
strategies?
• Which opportunities are not being fully taken advantage
of?
To improve its current strategies, Emirates Airlines can focus on the following key areas:
1. Enhancing customer experience: Invest in personalized services, improve onboard amenities, and provide seamless digital solutions to enhance passenger satisfaction.
2. Strengthening alliances: Forge strategic partnerships with other airlines to expand route networks, increase code-share agreements, and leverage customer loyalty programs.
3. Embracing sustainability: Implement eco-friendly practices such as reducing carbon emissions, investing in fuel-efficient aircraft, and adopting sustainable operations throughout the organization.
4. Expanding digital presence: Develop innovative digital platforms and tools to streamline booking processes, improve communication with customers, and enhance overall digital experience.
Emirates Airlines can improve its current strategies by prioritizing customer experience through personalized services, upgraded onboard amenities, and seamless digital solutions. Strengthening alliances with other airlines will help expand route networks, increase code-share agreements, and leverage customer loyalty programs.
The airline can also focus on embracing sustainability by implementing eco-friendly practices, reducing carbon emissions, investing in fuel-efficient aircraft, and adopting sustainable operations. Furthermore, expanding the airline's digital presence through innovative platforms and tools will streamline booking processes, improve customer communication, and enhance the overall digital experience for passengers. By focusing on these areas, Emirates Airlines can achieve improved strategy implementation and stay ahead in the competitive aviation industry.
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17)Understand the concepts of equal opportunity, diversity management and work-life balance 18)Appreciate the global challenges to multinational corporations in developing and implementing equality and diversity management strategies" 19) Differentiate perspectives of ethics and corporate social responsibility 20)Explain how ethical employment practices can contribute to sustainable business success and social development
17) Understand the concepts of equal opportunity, diversity management, and work-life balanceEqual opportunity is a term that refers to the chance to obtain a job and progress professionally regardless of one’s gender, ethnicity, and socio-economic status.
Diversity management refers to the process of creating an inclusive workplace that embraces diversity and leverages it to improve the company’s operations. Work-life balance involves ensuring that employees have enough time to engage in activities outside the office without affecting their job performance.18) Appreciate the global challenges to multinational corporations in developing and implementing equality and diversity management strategiesDeveloping and implementing equality and diversity management strategies can be a daunting task for multinational corporations. Some of the challenges include language barriers, cultural differences, varying legal frameworks in different countries, and the sheer size of the organization. Additionally, diversity policies and strategies that work well in one country may not be as effective in another.19) Differentiate perspectives of ethics and corporate social responsibilityCorporate social responsibility (CSR) is a broad concept that involves the actions taken by a company to contribute to the welfare of society. It refers to the idea that businesses should take responsibility for their impact on society. Ethics, on the other hand, involves the principles and values that underpin the behavior of individuals and organizations. Ethics relate to questions of right and wrong, and they play a crucial role in the behavior of a business.20) Explain how ethical employment practices can contribute to sustainable business success and social developmentEthical employment practices can contribute to sustainable business success and social development in various ways. For instance, they can help build a positive reputation for the company, improve employee morale and productivity, and reduce the risk of lawsuits and fines. Ethical practices can also contribute to social development by promoting fair labor practices and improving working conditions for employees. By doing so, they can help alleviate poverty and promote social justice.
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17) Understanding the concepts of equal opportunity, diversity management, and work-life balance: Equal opportunity refers to the practice of providing all people with equal access and opportunities to jobs, education, and other resources, regardless of their race, gender, religion, or any other factor. Diversity management refers to the practice of creating an inclusive workplace culture that values differences in race, ethnicity, gender, sexual orientation, age, and other factors. Work-life balance refers to the practice of balancing the demands of work and personal life in a way that allows individuals to pursue both effectively.
18) Appreciating the global challenges to multinational corporations in developing and implementing equality and diversity management strategies: Multinational corporations (MNCs) operate in various countries, each with its cultural norms and attitudes toward diversity and equality. This poses a challenge for MNCs to create effective equality and diversity management strategies that meet the unique needs of each location. In addition, legal requirements regarding equality and diversity vary widely from country to country, and MNCs must comply with the regulations in each location.19) Differentiating perspectives of ethics and corporate social responsibility: Ethics refer to the principles that guide decision-making, behavior, and relationships in a business environment. Corporate social responsibility (CSR) refers to a company's efforts to create a positive impact on society, the environment, and its stakeholders. Ethics are often seen as a subset of CSR, as ethical decision-making is a fundamental component of responsible business practices.20) Explaining how ethical employment practices can contribute to sustainable business success and social development: Ethical employment practices, such as paying fair wages, providing safe working conditions, and promoting diversity and inclusion, can lead to higher employee satisfaction, motivation, and retention. This can result in increased productivity and profitability, contributing to sustainable business success. Ethical employment practices can also have a positive impact on the wider community, by promoting social development through job creation, skills development, and economic growth.
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Government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows:
- 20 pizzas, $10 each
- Rent of apartment, $600 per month
- Gasoline and car maintenance, $100 per month
- Phone service (basic service plus 10 long-distance calls), $50 per month
In the year following the base year, the survey takers determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance have risen to $120, and phone service has dropped in price to $40.
Instructions: Enter your responses by rounding the CPI to three decimal places and the rate of inflation to one decimal place.
(a). Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year.
(b). The family's nominal income rose by 5 percent between the base year and the subsequent year. Are they worse off or better off in terms of what their income is able to buy?
The rate of inflation is higher than the increase in nominal income, the family is worse off in terms of what their income is able to buy. The increase in income is not enough to keep up with the rising prices, resulting in a decrease in their purchasing power.
(a) To find the CPI in the subsequent year and the rate of inflation, we need to calculate the cost of the basket of goods in the subsequent year and compare it to the cost in the base year.
Cost of basket of goods in the base year:
20 pizzas * $10 each = $200
Rent = $600
Gasoline and car maintenance = $100
Phone service = $50
Total cost in the base year = $200 + $600 + $100 + $50 = $950
Cost of basket of goods in the subsequent year:
20 pizzas * $11 each = $220
Rent = $640
Gasoline and car maintenance = $120
Phone service = $40
Total cost in the subsequent year = $220 + $640 + $120 + $40 = $1,020
CPI in the subsequent year = (Total cost in the subsequent year / Total cost in the base year) * 100
CPI = ($1,020 / $950) * 100 = 107.368 (rounded to three decimal places)
Rate of inflation = ((CPI in the subsequent year - CPI in the base year) / CPI in the base year) * 100
Rate of inflation = ((107.368 - 100) / 100) * 100 = 7.368% (rounded to one decimal place)
(b) The nominal income rose by 5 percent between the base year and the subsequent year. To determine if the family is better off or worse off in terms of what their income can buy, we need to compare the rate of inflation with the increase in nominal income.
Rate of inflation = 7.368%
Increase in nominal income = 5%
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